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FHA, VA and HECM mortgage news. HUD and G i n n i e news also. Originations, servicing and FHA approval.

Rising FHA Business to Fall

$16.9 billion in May endorsements

June 20, 2011

By staff

The volume of government-insured mortgages closed moved slightly higher in May. But a decline is on the horizon.

Last month, the Federal Housing Administration endorsed 95,907 mortgages for $16.9 billion, according to data released by the Department of Housing and Urban Development. FHA eked out a gain from April, when 93,394 loans were endorsed for $16.8 billion.

But business has subsided from May 2010, when there were 124,754 FHA loans insured for $22.3 billion.

The improvement from April was the result of purchase volume, which climbed to 66,475 endorsements for $11.2 billion from the previous month's 60,378 loans for $10.3 billion. Refinances, however, retreated to 24,244 endorsements for $4.4 billion from April's 26,893 loans insured for $5.0 billion.

Also included in last month's total were 5,188 home-equity conversion mortgages endorsed for $1.3 billion, declining from 6,123 units for $1.5 billion a month earlier. A year earlier, HECM volume was 4,554 loans for $1.2 billion.

In addition, Section 203(k) loans endorsements climbed to 1,759 from 1,534, condominium fundings inched up four units to 3,960 and manufactured-housing mortgages closed fell to 1,720 from 1,777.

Overall activity appears to be headed lower based on new applications.

The report indicated that applications fell to 118,784 in May from April's 160,186 applications. Refinance applications sank 31 percent, and applications for purchase mortgages were down 25 percent.

But HECM applications managed a 1 percent gain.

From Jan. 1 through May 31, FHA endorsements amounted to 496,200 endorsements for $90.9 billion.

FHA loans outstanding closed out May at 7,090,489 loans for $984.6 billion. The book of business grew from 7,035,016 loans for $975.2 billion at the end of April.

Delinquency of at least three months was 8.2 percent last month, the same as in April. Defaults are better, though, than 8.7 percent in May 2010.

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